The views expressed herein are those of Jennison Associates LLC (“Jennison”) investment professionals at the time the comments were made and may not be reflective of their current opinions and are subject to change without notice. This information is not intended as an offer or solicitation with respect to the purchase or sale of any security or other financial instrument or any investment management services. This information does not constitute investment advice and should not be used as the basis for any investment decision. This information does not purport to provide any legal, tax, or accounting advice.

The information contained in this material is directed only to qualified professionals and eligible institutional investors. Distribution of this information to any person other than the person to whom this material has been originally delivered, and to such person’s advisers, is not permitted. Any reproduction of these materials, in whole or in part, or the disclosure or redistribution of any of its contents, without the prior written consent of Jennison, is prohibited. These materials may contain confidential information and the recipient thereof agrees to maintain the confidentiality of such information.

The information provided herein is being provided for informational purposes only. Jennison Associates LLC (“Jennison”) has not been licensed or registered to provide investment services in any jurisdiction outside the United States.

The information contained should not be construed as a solicitation or offering of investment services by Jennison or a solicitation to sell or a solicitation of an offer to buy any shares of any securities (nor shall any such securities be offered or sold to any person) in any jurisdiction where such solicitation or offering would be unlawful under the applicable laws of such jurisdiction. This material is not intended to be relied upon as investment advice and is not a recommendation to adopt any investment strategy.

Jennison Associates is a registered investment advisor under the U.S. Investment Advisers Act of 1940, as amended, and a Prudential Financial, Inc. (“PFI”) company. Registration as a registered investment adviser does not imply a certain level of skill or training. Jennison Associates LLC has not been licensed or registered to provide investment services in any jurisdiction outside the United States. Additionally, vehicles may not be registered or available for investment in all jurisdictions. Prudential Financial, Inc. of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom.

Please click on https://www.jennsion.com/important-disclosures for important information, including information on non-US jurisdictions.

Investing is subject to investment risk, including the loss of the principal amount invested.

Certain information in this material has been obtained from sources that Jennison believes to be reliable as of the date presented; however, Jennison cannot guarantee the accuracy of such information, assure its completeness, or warrant such information will not be changed. The information contained herein is current as of the date of issuance (or such earlier date as referenced herein) and is subject to change without notice. Jennison has no obligation to update any or all such information; nor do we make any express or implied warranties or representations as to the completeness or accuracy.

Past performance is not indicative of future results. There is no assurance that any sector or market forecasts will be attained or that any strategy will be successful or profitable for any investor.

The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”) and is licensed for use by Jennison “as is”. As of October 1, 2009, Jennison does not reclassify S&P/MSCI GICS securities and will only classify securities not classified by S&P/MSCI GICS. Companies classified by Jennison are not sponsored by the S&P/MSCI GICS classification system. Therefore, this commentary may include companies classified by S&P/MSCI GICS and/or Jennison.

The S&P 500® Index provides a broad indicator of stock price movements. The S&P 500® Health Care Index comprises those companies included in the S&P 500® that are classified as members of the GICS® health care sector. The Alerian MLP Index which is a composite of the 50 most prominent energy MLPs (Master Limited Partnerships) that provides investors with an unbiased, comprehensive benchmark for this emerging asset class. The index is calculated using a floatadjusted, capitalization-weighted methodology. The S&P 500® Utilities Index comprises those companies included in the S&P 500® that are classified as members of the GICS® utilities sector. The Alerian Midstream Energy Index is a broadbased composite of North American energy infrastructure companies. The Alerian MLP Index® (the "Index") measures the composite performance of energy-oriented master limited partnerships, or MLPs, that earn the majority of their cash flows from qualified activities involving energy commodities (the "Index Components") using a capped, float-adjusted, capitalization-weighted methodology.

The net benchmark return is reported net of reclaimable and non-reclaimable withholding taxes. Withholding tax rates used for the benchmark differ from, and may be higher than, the withholding tax rates used when calculating the composite return. The financial indices referenced herein are provided for informational purposes only. When comparing the performance of a manager to its benchmark(s), please note that the manager’s holdings and portfolio characteristics may differ from those of the benchmark(s). Additional factors impacting the performance displayed herein may include portfolio-rebalancing, the timing of cash flows, and differences in volatility, none of which impact the performance of the financial indices. Financial indices are unmanaged and assume reinvestment of dividends but do not reflect the impact of fees, applicable taxes or trading costs which may also reduce the returns shown.

MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages.

All indexes referenced in this commentary are registered trade names or trademark/service marks of third parties. References to such trade names or trademark/service marks and data is proprietary and confidential and cannot be redistributed without Jennison’s prior consent. Investors cannot directly invest in an index.

Source for Russell® Index data: Mellon Analytical Solutions and FactSet. Source for S&P 500® Index data: Standard & Poor’s, FactSet and FT Interactive Data Corporation. Source for Alerian Index: Alerian.

5449169